Investor protection

For investor protection, you will not be able to trade outside of the liquidity provider's bid-offer spread

At worst, investors will trade against the liquidity provider. At best, investors will trade against each other. Such trade will happen inside the liquidity provider's bid-offer spread, improving execution price.

To prevent trading at aberrant prices, order books are suspended if the liquidity provider is absent.

Market quality and efficiency

To ensure investors can trade at all times, the issuer must appoint a liquidity provider for each Warrant or Certificate.

Liquidity providers sign an agreement with Euronext, binding them to performance obligations: